Three Arrows Capital’s Zhu Su Accuses FTX of Unauthorized US Dollar Conversion of Crypto Assets

In a recent statement posted on X, Zhu Su, co-founder of Three Arrows Capital, brought to light a serious allegation against the FTX exchange. He claimed that in May 2022, FTX improperly converted a significant portion of Three Arrows Capital’s cryptocurrency holdings into US dollars without authorization. Su clarified that these assets were never “loaned to” FTX, indicating a breach of trust and a lack of legal grounds for the exchange to manage these funds. Furthermore, he expressed his firm stance on the accountability of FTX’s founder, Sam Bankman-Fried, advocating for a hefty 250-year prison sentence. This narrative accentuates the ongoing scrutiny surrounding the collapse of FTX and raises critical discussions on regulatory measures within the crypto ecosystem.